Russian government calculations indicate that prices for a barrel of Russian oil will remain in the $20 - $25 range, First Deputy Prime Minister Mikhail Kasyanov.

Kasyanov said the ruble exchange rate was balanced, and not being maintained at an artificial level. However, the balance in the ruble rate "is not provided by economic growth but by an influx of hard-currency caused the high prices for Russian energy, particularly oil," he said. The recent decline in oil prices will not have a substantial impact on budget revenues, he said. Kasyanov acknowledged that it was traditionally more difficult to maintain the budget in the second quarter than in the first. However, the government is fully committed to "carrying out all planned spending, without resorting to Central Bank loans," he said. "We are working out all measures that would allow us to avoid borrowing, either in May or June," he said.